This is Part III of my series on REITs. Please refer to and .

My series on REITs will not be complete without touching on exchange rate, given the internationalisation of the SGX as a major listing hub for REITs all over the world. Even blue chip REITs which were pure-plays in the Singapore space, such as Capitaland Commercial Trust, have gone abroad in hunt of fresh assets. As such, this introduces a new risk that investors cannot afford to ignore, or even take as a trivial risk. Given that the vast majority of REITs are listed in SGD but have exposure to various currencies globally, we have to study the SGD itself. As all Singaporean investors would be acutely aware, the SGD has been on a long term uptrend against most major currencies globally. Central Bank Policy At present, conventional monetary policy across the world usually